Stephen Miran Advances as Federal Reserve Nominee Amid Partisan Tensions

Stephen Miran, a prominent economic adviser at the White House, passed a crucial U.S. Senate Banking Committee vote on Wednesday, bringing him closer to a position as a Federal Reserve governor. This decision marks a significant step in President Donald Trump's strategy to influence the central bank's interest rate policies more directly.

The decision was reached in a 13-11 vote along party lines. While all Republicans on the panel supported Miran's nomination, all Democrats opposed it, underscoring the political polarization surrounding the appointment process. The full Republican-controlled Senate must still confirm him.

Lawmakers involved caution that time constraints might prevent Miran from participating in the Federal Reserve's September 16-17 policy meeting, casting uncertainty over the remaining confirmation stages.

(With inputs from agencies.)